Market Commentary

Recession – Maybe This Time is Different

Posted by Ryan Driscoll on Aug 1, 2019

Topic: Industry Knowledge | Investment Strategy | Market Commentary

The July Federal Open Markets Committee (FOMC) meeting signaled the end of central bank rate normalization with the first rate cut in more than a decade . . .

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Chart of the Month | Economic Expansions Getting Longer

Posted by Ryan Driscoll on Aug 1, 2019

Topic: Market Commentary

Following the July FOMC meeting and with investors digesting the first rate cut since 2008 it is important to recognize that the domestic economy is now...

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Chart of the Month | Defensive Stocks at a Premium

Posted by Ivo C. Nenin on Jul 2, 2019

Topic: Market Commentary

The valuation premium (forward price/earnings) of defensive stocks versus cyclicals has climbed steadily over the last seven months...

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Chart of the Month | Conflicting Signals in Stock and Bond Markets

Posted by Ivo C. Nenin on Jun 7, 2019

Topic: Market Commentary

This month we turn our attention to the Stock and Bond Markets. Bond markets’ expectations of U.S. Federal Reserve (Fed) rate cuts...

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Chart of the Month | U.S. Jobs Machine Keeps Cranking

Posted by Commonfund on May 1, 2019

Topic: Market Commentary

This month we turn our attention to the economy and, specifically, employment. As investors contemplate when this historically long period of economic...

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Chart of the Month | One Reason Investors Are Feeling Uneasy

Posted by Commonfund on Feb 25, 2019

Topic: Market Commentary

Investors of all types, including those that represent institutions, are clearly feeling more uneasy than they have in years. It isn’t just the spike in stock market volatility that buffeted investors in the fourth quarter of 2018 (after a prolonged period of abnormally low volatility), but the magnitude of the swings that may be the culprit. We researched the worst and best S&P 500 performing Decembers and Januarys since 1928...

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Are Investors Counting Their Eggs Before They Hatch?

Posted by Ryan Driscoll on Feb 11, 2019

Topic: Market Commentary

Beginning in January and now continuing into February, stock markets have rallied on positive news in areas of concern – mostly on the policy front. We remain cautious as in our view, policy risk tends to be the most difficult to price, but also the most likely to surprise...

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Year-End Update and 2019 Investment Outlook

Posted by Mark J.P. Anson on Jan 2, 2019

Topic: Market Commentary

As we bid farewell to 2018 and head into 2019, I am pleased to provide you with an update on developments at Commonfund as well as our perspective on the markets and investing. Our roots as a not-for-profit organization dedicated to advancing the financial interests of institutional investors provides...

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Bah Humbug…No Presents from the Fed This Year

Posted by Ryan Driscoll on Dec 19, 2018

Topic: Market Commentary

But at least it’s not the Grinch Who Stole Christmas...Recent volatility in the financial markets and a bit of softer inflation data had investors hoping for a holiday season treat from the FOMC in December. An immediate pause in interest rates was very unlikely, but some guidance towards a slower pace in...

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Three Reasons Investors Should be Optimistic

Posted by Ryan Driscoll on Nov 9, 2018

Topic: Market Commentary

The markets are certainly making investors uncomfortable lately. However, market corrections, especially late in the cycle should be expected and can be healthy. We have experienced five sell-offs (and recoveries!) of similar magnitude in the last five years. Unfortunately, 2018 brought the markets back to a more normal level of volatility after investors were lulled into a sense of riskless comfort in 2017. Despite the recent market instability, we still see three reasons to be optimistic...

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